Admirals appoints founder Alexander Tsikhilov as CEO

Rick Steves

“Striking the right balance between sourcing new talent and developing and harnessing the strength and capabilities of our current workforce, is key to achieving our vision.”

Alexander Tsikhilov, the founder and Supervisory Board Chairman of Admirals Group AS, has been announced as the new CEO of the company, taking effect from 1 March 2024.

Tsikhilov’s appointment comes after the resignations of Sergei Bogatenkov, the CEO, and Andreas Ioannou, the COO, on 17 January 2024, effective 29 February 2024.

Both departing executives are leaving after initiating a restructuring plan that will see the merger of FX brokerage firm Admirals (formerly Admiral Markets) with its Estonian subsidiary, Admirals Markets AS. Despite the ongoing restructuring, Estonia remains a crucial strategic location for Admirals Group. The company reaffirms its commitment to the country by maintaining its headquarters in Tallinn, where it currently employs over 100 professionals.

“Change is always a challenge”

Tsikhilov’s return to an executive role marks a significant transition for Admirals Group, signaling a commitment to continuity and growth amidst changes.

“We thank Sergei and Andreas for their leadership and vision and wish to acknowledge the huge contributions they have made towards strengthening the foundations of the Company over the past few years.” Tsikhilov said.

“Change is always a challenge, but we remain steadfast in our vision to push Admirals toward a future full of new opportunities. As we move ahead into 2024 our focus remains on driving growth through efficiency and adaptability to ensure that we continue to thrive in this highly evolving and competitive landscape. At the same time, we reaffirm our commitment to pursuing and maintaining a supportive, inclusive, and empowering work environment as a prerequisite for continued business success.

“Striking the right balance between sourcing new talent and developing and harnessing the strength and capabilities of our current workforce, is key to achieving our vision.”

Further announcements regarding new appointments to the Management Board and the appointment of a new chairman to the Supervisory Board, as required by Estonian law, are expected soon.

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